Highly amenitized multifamily opportunities continue to garner top billing among developers and investors. In an off-market deal, Simpson Housing, LLLP purchased Jefferson on Legacy, a 322-unit multifamily property located in Scottsdale, Arizona. JLL’s Capital Markets experts brought the new buyers to the table after securing joint venture capital for the project in late 2013; JLL joined the project’s developer, JPI, with AEW Capital Management, L.P. to capitalize the project.
Executive Vice President John Cunningham and Vice President Charles Steele led the JLL team on both the buy-side and joint venture equity transactions.
“Transacting on an asset prior to stabilization has been challenging in the current market environment,” said Cunningham. “Jefferson on Legacy’s irreplaceable North Scottsdale location and enduring construction quality proved to be substantial motivators for our client.”
Located in the One Scottsdale mixed-use development, Jefferson on Legacy is located near diverse high-paying jobs and world-class retail, dining and entertainment amenities. The community was completed in September 2015 and is approximately 45 percent occupied. Simpson will take over management and leasing of the community and will rename the property Avion on Legacy.
Amenities include a clubhouse, lounge, golf simulator, game room with billiards and shuffleboard, fitness studio, outdoor cabanas, grilling areas and fire pits, and a pool and spa.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2014 alone, JLL Capital Markets completed $118 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,700 specialists, operating all over the globe.
For more information about this transaction or JLL’s multifamily services, contact:
John P. Cunningham
Executive Vice President
+1 602 282 6314
+1 602 282 6264